Fitch Ratings affirmed the A long-term issuer default ratings on Apollo Global Management Inc. and Oaktree Capital Group LLC and the BBB+ long-term issuer default ratings on Ares Management Corp. and Carlyle Group LP.

The outlook is stable on all ratings except on Ares, which has a positive outlook. The ratings actions were taken as part of Fitch's periodic peer review of the alternative investment manager industry.

The ratings take into account the companies' position as global alternative investment managers, their experienced management team and their investment track record, among other things.